Caribbean Development Bank Approves Several Loans and Grants Over USD185 Million for Caribbean Countries
http://www.caribbeanpressreleases.com/articles/4312/1/Caribbean-Development-Bank-Approves-Several-Loans-and-Grants-Over-USD185-Million-for-Caribbean-Countries/Page1.html
S Coward
By S Coward
Published on 17-Dec-08
Dec. 17, 2008 -- The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan, equivalent to USD100 million to the Government of Jamaica. The policy-based loan will support the government’s fiscal and debt sustainability initiatives.
USD100 Million Policy Based Loan for Jamaica
CDB FINANCES BASIC EDUCATION PROJECT IN ANTIGUA AND BARBUDA
The Caribbean Development Bank (CDB) will provide a grant equivalent to USD400,000 to the Government of Antigua and Barbuda to assist in conducting a series of studies towards the preparation of a second Basic Education Project. The outcomes of these studies will provide a framework for CDB’s intervention in the education sector in Antigua and Barbuda, and for informing the government’s longer-term strategic reform of education.
Consultants will be engaged to assist in gathering up-to-date information, and providing analyses on the key aspects of the sector which would help inform decision-making about the overall design of the project. In particular, the information gathered by the consultants will inform the specific elements should be funded.
The first phase will entail the conduct of studies which will contribute to the establishment of a framework for undertaking coordinated and systematic interventions in the education sector, while the second phase will look at the most feasible options for addressing some of the issues and challenges identified in the sector plan.
PORT RATIONALISATION STUDY FOR ST. VINCENT AND THE GRENADINES TO GET CDB FINANCING
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan equivalent to USD431,000 to the Government of St. Vincent and the Grenadines to undertake a Port Rationalisation and Development Study.
The importance to the economy of an efficient and modern maritime sector, as well as the need to provide adequate and appropriate port facilities for both passengers and cargo, make it necessary to examine port development in a state-wide context. This will be done with a view to meeting existing demand and projected increases in demand which are likely to result from developments during the first half of the twenty-first century.
Physical facilities at Port Kingstown have deteriorated to the extent that all container/cargo operations, with the exception of banana-related cargo, have been moved to the Campden Park Container Port.
Phase 1 of the project will consist of a rationalisation study, together with a master plan for port development in St. Vincent an the Grenadines. Phase 2 will consist of a framework of development plans for Port Elizabeth Harbour-Front in Bequia, providing for future landside and marine development at the port. The St. Vincent and the Grenadines Port Authority will be the implementing agency.
BASIC EDUCATION ENHANCEMENT PROJECT IN ST. LUCIA GETS CDB FINANCING
Almost 4,000 students currently enrolled in five primary and three secondary schools in St. Lucia, and the 200 teachers who work in these schools will benefit from a project to be financed by the Caribbean Development Bank (CDB).
CDB’s Board of Directors has approved a loan equivalent to USD12 million to the Government of St. Lucia, for a Basic Education Enhancement Project. It involves the rehabilitation and upgrading of the eight target schools, and a quality enhancement component aimed at improving access to quality education in St. Lucia.
Approximately 1,300 teaching staff at the primary and secondary levels will benefit from training geared to enhance competencies in key subjects and non-academic areas such as early childhood screening and diagnosis, multi-grade teaching methods, classroom management, differentiated instruction, student assessment, multi-media teaching methodology and technology in education.
This project follows on from an Economic Recovery Project for St. Lucia financed by CDB in 2003, which comprised the rehabilitation and upgrading of primary schools, and accords with the Government of St. Lucia’s strategy for education, based on its Education Sector Development Plan.
CDB FINANCING PORT DEVELOPMENT PROJECT IN ANGUILLA
The Caribbean Development Bank (CDB) has approved a loan equivalent to USD18 million to the Government of Anguilla. The funds are to be used to finance the construction of new landside facilities at Blowing Point Ferry Port, the main port of entry into Anguilla.
The objective of the project is to upgrade the facilities in order to accommodate the current and projected traffic to the year 2027, and to provide improved levels of service to the users of the port. This will be achieved through the construction of a new terminal building and external works consisting of access roads, parking and landscaping.
Implementation will be undertaken by the Department of Infrastructure of the Ministry of Infrastructure, Communications, Housing, Agriculture and Fisheries. This project constitutes the first phase of a development plan aimed at developing the Blowing Point area as a centre of economic activity in Anguilla.
CDB APPROVES USD100 MILLION POLICY-BASED LOAN FOR JAMAICA
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan, equivalent to USD100 million to the Government of Jamaica. The policy-based loan will support the government’s fiscal and debt sustainability initiatives.
In Jamaica, the government has articulated a comprehensive reform agenda that is designed to effectively control debt generation outside of the budget, strengthen financial management in the public sector, consolidate and streamline revenue systems, and enhance private sector competitiveness. These reforms are intended to bolster the near to medium-term fiscal and economic growth outlook and gradually reduce the level of poverty in the country.
This policy-based loan is part of a broader CDB assistance strategy for Jamaica which places emphasis on support for strengthening macroeconomic management and policy reform; bolstering economic growth prospects through the upgrade of critical economic infrastructure; and forging output expansion in key sectors, including agriculture. CDB also proposes to support human resources development, and to tackle poverty directly through direct poverty interventions.
The CDB loan is a critical component of a wider intervention strategy that is supported by the World Bank and the Inter-American Development Bank.
The Caribbean Development Bank (CDB) will provide a grant equivalent to USD400,000 to the Government of Antigua and Barbuda to assist in conducting a series of studies towards the preparation of a second Basic Education Project. The outcomes of these studies will provide a framework for CDB’s intervention in the education sector in Antigua and Barbuda, and for informing the government’s longer-term strategic reform of education.
Consultants will be engaged to assist in gathering up-to-date information, and providing analyses on the key aspects of the sector which would help inform decision-making about the overall design of the project. In particular, the information gathered by the consultants will inform the specific elements should be funded.
The first phase will entail the conduct of studies which will contribute to the establishment of a framework for undertaking coordinated and systematic interventions in the education sector, while the second phase will look at the most feasible options for addressing some of the issues and challenges identified in the sector plan.
PORT RATIONALISATION STUDY FOR ST. VINCENT AND THE GRENADINES TO GET CDB FINANCING
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan equivalent to USD431,000 to the Government of St. Vincent and the Grenadines to undertake a Port Rationalisation and Development Study.
The importance to the economy of an efficient and modern maritime sector, as well as the need to provide adequate and appropriate port facilities for both passengers and cargo, make it necessary to examine port development in a state-wide context. This will be done with a view to meeting existing demand and projected increases in demand which are likely to result from developments during the first half of the twenty-first century.
Physical facilities at Port Kingstown have deteriorated to the extent that all container/cargo operations, with the exception of banana-related cargo, have been moved to the Campden Park Container Port.
Phase 1 of the project will consist of a rationalisation study, together with a master plan for port development in St. Vincent an the Grenadines. Phase 2 will consist of a framework of development plans for Port Elizabeth Harbour-Front in Bequia, providing for future landside and marine development at the port. The St. Vincent and the Grenadines Port Authority will be the implementing agency.
BASIC EDUCATION ENHANCEMENT PROJECT IN ST. LUCIA GETS CDB FINANCING
Almost 4,000 students currently enrolled in five primary and three secondary schools in St. Lucia, and the 200 teachers who work in these schools will benefit from a project to be financed by the Caribbean Development Bank (CDB).
CDB’s Board of Directors has approved a loan equivalent to USD12 million to the Government of St. Lucia, for a Basic Education Enhancement Project. It involves the rehabilitation and upgrading of the eight target schools, and a quality enhancement component aimed at improving access to quality education in St. Lucia.
Approximately 1,300 teaching staff at the primary and secondary levels will benefit from training geared to enhance competencies in key subjects and non-academic areas such as early childhood screening and diagnosis, multi-grade teaching methods, classroom management, differentiated instruction, student assessment, multi-media teaching methodology and technology in education.
This project follows on from an Economic Recovery Project for St. Lucia financed by CDB in 2003, which comprised the rehabilitation and upgrading of primary schools, and accords with the Government of St. Lucia’s strategy for education, based on its Education Sector Development Plan.
CDB FINANCING PORT DEVELOPMENT PROJECT IN ANGUILLA
The Caribbean Development Bank (CDB) has approved a loan equivalent to USD18 million to the Government of Anguilla. The funds are to be used to finance the construction of new landside facilities at Blowing Point Ferry Port, the main port of entry into Anguilla.
The objective of the project is to upgrade the facilities in order to accommodate the current and projected traffic to the year 2027, and to provide improved levels of service to the users of the port. This will be achieved through the construction of a new terminal building and external works consisting of access roads, parking and landscaping.
Implementation will be undertaken by the Department of Infrastructure of the Ministry of Infrastructure, Communications, Housing, Agriculture and Fisheries. This project constitutes the first phase of a development plan aimed at developing the Blowing Point area as a centre of economic activity in Anguilla.
CDB APPROVES USD100 MILLION POLICY-BASED LOAN FOR JAMAICA
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan, equivalent to USD100 million to the Government of Jamaica. The policy-based loan will support the government’s fiscal and debt sustainability initiatives.
In Jamaica, the government has articulated a comprehensive reform agenda that is designed to effectively control debt generation outside of the budget, strengthen financial management in the public sector, consolidate and streamline revenue systems, and enhance private sector competitiveness. These reforms are intended to bolster the near to medium-term fiscal and economic growth outlook and gradually reduce the level of poverty in the country.
This policy-based loan is part of a broader CDB assistance strategy for Jamaica which places emphasis on support for strengthening macroeconomic management and policy reform; bolstering economic growth prospects through the upgrade of critical economic infrastructure; and forging output expansion in key sectors, including agriculture. CDB also proposes to support human resources development, and to tackle poverty directly through direct poverty interventions.
The CDB loan is a critical component of a wider intervention strategy that is supported by the World Bank and the Inter-American Development Bank.
USD12 Million for Education Enhancement Project in St. Lucia
CDB SUPPORT FOR AGRICULTURE SECTOR IN JAMAICA
The Government of Jamaica is to receive a loan equivalent to USD7.8 million from the Caribbean Development Bank (CDB) to assist in enabling it to support access to credit by small farmers and agricultural entrepreneurs. The ultimate objective of this project is to spur food production and underpin economic growth.
While the Development Bank of Jamaica will be the executing agency, approximately 800 small farmers will be able to access the funds through the National Peoples’ Cooperative Bank and other approved financial intermediaries.
The project is expected to induce and support private direct investment in agriculture that will generate new employment and contribute to farm incomes, poverty reduction and further socio-economic development in rural communities.
Agriculture is an important sector in the Jamaican economy in terms of its contribution to Gross Domestic Product, foreign exchange earnings and employment generation, particularly in rural communities.
USD30 MILLION CDB LOAN APPROVED FOR JAMAICA
The Caribbean Development Bank (CDB) is to provide a loan, equivalent to USD30 million to the Government of Jamaica, to assist in financing the rehabilitation of the Kingston Metropolitan Area Drainage Network.
The network was affected by Tropical Storm Gustav, which made landfall in Jamaica on August 27, 2008, and as a result, road access to some communities was cut, buildings were undermined and, in some cases, buildings collapsed into the drainage channels.
This project includes demolition and removal of damaged retaining walls and base slabs, reconstruction of retaining walls and base slabs, backfilling, and restoration of adjacent properties. The Ministry of Transport and Works, through its National Works Agency, will implement the project.
CDB regards the restoration and protection of vital infrastructure which contributes to Jamaica’s national economy as the major benefit of the project. In addition, vulnerability to future natural disasters will be reduced and the country’s productive capacity maintained.
RAINFOREST CONSERVATION AND DEVELOPMENT PROJECT RECEIVES CDB FINANCING
The Caribbean Development Bank (CDB) will provide a grant equivalent to USD149,940 to the Iwokrama International Centre for Rain Forest Conservation and Development which is situated in Guyana. The funding is to help the centre improve its revenue-generating capacity through tourism and training of business enterprises. The revenue generated will be used to finance research and development on the sustainable management of tropical forests and their natural assets.
The results of the research conducted by the centre will be public goods for use by CDB’s borrowing member countries and the wider global community.
Iwokrama Forest is situated within one of the world’s oldest geographic regions, and is one of only four intact rainforest environments left on earth. The centre was established in 1995 by agreement between the Government of Guyana and the Commonwealth Secretariat.
CDB SUPPORT FOR TECHNICAL AND VOCATIONAL TRAINING IN GUYANA
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan equivalent to USD7.5 million to the Government of Guyana to assist in enhancing access to Technical and Vocational Education and Training (TVET). This project is also expected to improve the quality and effectiveness of such education and training.
The loan will provide for the construction of two technical institutes in Regions 3 and 5, equipment and learning materials and teacher training. The Region 3 site is within the town of Leonora on West Coast Demerara, and the Region 5 site is within the town of Experiment on West Coast Berbice. In addition, the loan will include a component to improve overall governance of the sub-sector and the establishment of an institutional framework for the further development of TVET in Guyana.
Initially, the project will benefit 400 students in the two regions who cannot now access TVET. The students will have an opportunity to acquire vocational skills that will improve their employability and capacity to earn a decent living. Job attachments or placements will expose the trainees to the world of work, and enhance their chances of finding permanent employment.
Over the 3-year life of the project, more than 8,000 young men and women are expected to make a meaningful contribution to economic development in Guyana. More than 1,500 men and women already in the workforce will also be given the opportunity to enhance their skills.
CDB TO PROVIDE STUDENT LOAN FINANCING FOR GRENADA
Eligible persons in Grenada who want to upgrade their skills and qualifications at the vocational, technical and professional levels, will soon be able to benefit from student financing being provided by the Caribbean Development Bank (CDB).
CDB’s Board of Directors has approved a loan equivalent to USD2 million to the Grenada Cooperative Bank Limited to assist in financing sub-loans under CDB’s Student Loan Scheme.
The primary objective of the project is to assist the Government of Grenada in developing the country’s human resources through the provision of student loans for post-secondary and tertiary education and skills enhancement. The development of human capital is expected to contribute directly to poverty reduction through job creation in the medium to long term.
Access to financing is one of the key constraints to participation in tertiary education in Grenada. The expansion of tertiary education opportunities at the local and regional levels, and the increasing number of students qualifying for entry into these institutions, do not guarantee automatic access to tertiary level training. The level of participation, particularly for people in the low-income groups is constrained by the high cost of education at that level.
DOMINICA TO RECEIVE CDB LOANS FOR SEA DEFENCES REHABILITATION
Dominica is to receive a loan equivalent to USD9.16 million from the Caribbean Development Bank (CDB). CDB’s Board of Directors has approved the funding to assist in financing the rehabilitation of sea defences and associated road work destroyed by Hurricane Omar. Houses near the island’s west coast were also damaged, and some 30 families were left homeless.
Dominica’s fishing industry was also adversely affected. Engines, fishing equipment and boat houses in 13 communities along the west coast were also damaged, and more than 500 fishermen were affected.
The project is designed to assist in the speedy rehabilitation of the country’s sea defences and road infrastructure, and the restoration of its productive capacity. This includes the restoration of road links which facilitate the movement of people and goods to the villages along the south-western coast of Dominica
The Government of Jamaica is to receive a loan equivalent to USD7.8 million from the Caribbean Development Bank (CDB) to assist in enabling it to support access to credit by small farmers and agricultural entrepreneurs. The ultimate objective of this project is to spur food production and underpin economic growth.
While the Development Bank of Jamaica will be the executing agency, approximately 800 small farmers will be able to access the funds through the National Peoples’ Cooperative Bank and other approved financial intermediaries.
The project is expected to induce and support private direct investment in agriculture that will generate new employment and contribute to farm incomes, poverty reduction and further socio-economic development in rural communities.
Agriculture is an important sector in the Jamaican economy in terms of its contribution to Gross Domestic Product, foreign exchange earnings and employment generation, particularly in rural communities.
USD30 MILLION CDB LOAN APPROVED FOR JAMAICA
The Caribbean Development Bank (CDB) is to provide a loan, equivalent to USD30 million to the Government of Jamaica, to assist in financing the rehabilitation of the Kingston Metropolitan Area Drainage Network.
The network was affected by Tropical Storm Gustav, which made landfall in Jamaica on August 27, 2008, and as a result, road access to some communities was cut, buildings were undermined and, in some cases, buildings collapsed into the drainage channels.
This project includes demolition and removal of damaged retaining walls and base slabs, reconstruction of retaining walls and base slabs, backfilling, and restoration of adjacent properties. The Ministry of Transport and Works, through its National Works Agency, will implement the project.
CDB regards the restoration and protection of vital infrastructure which contributes to Jamaica’s national economy as the major benefit of the project. In addition, vulnerability to future natural disasters will be reduced and the country’s productive capacity maintained.
RAINFOREST CONSERVATION AND DEVELOPMENT PROJECT RECEIVES CDB FINANCING
The Caribbean Development Bank (CDB) will provide a grant equivalent to USD149,940 to the Iwokrama International Centre for Rain Forest Conservation and Development which is situated in Guyana. The funding is to help the centre improve its revenue-generating capacity through tourism and training of business enterprises. The revenue generated will be used to finance research and development on the sustainable management of tropical forests and their natural assets.
The results of the research conducted by the centre will be public goods for use by CDB’s borrowing member countries and the wider global community.
Iwokrama Forest is situated within one of the world’s oldest geographic regions, and is one of only four intact rainforest environments left on earth. The centre was established in 1995 by agreement between the Government of Guyana and the Commonwealth Secretariat.
CDB SUPPORT FOR TECHNICAL AND VOCATIONAL TRAINING IN GUYANA
The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan equivalent to USD7.5 million to the Government of Guyana to assist in enhancing access to Technical and Vocational Education and Training (TVET). This project is also expected to improve the quality and effectiveness of such education and training.
The loan will provide for the construction of two technical institutes in Regions 3 and 5, equipment and learning materials and teacher training. The Region 3 site is within the town of Leonora on West Coast Demerara, and the Region 5 site is within the town of Experiment on West Coast Berbice. In addition, the loan will include a component to improve overall governance of the sub-sector and the establishment of an institutional framework for the further development of TVET in Guyana.
Initially, the project will benefit 400 students in the two regions who cannot now access TVET. The students will have an opportunity to acquire vocational skills that will improve their employability and capacity to earn a decent living. Job attachments or placements will expose the trainees to the world of work, and enhance their chances of finding permanent employment.
Over the 3-year life of the project, more than 8,000 young men and women are expected to make a meaningful contribution to economic development in Guyana. More than 1,500 men and women already in the workforce will also be given the opportunity to enhance their skills.
CDB TO PROVIDE STUDENT LOAN FINANCING FOR GRENADA
Eligible persons in Grenada who want to upgrade their skills and qualifications at the vocational, technical and professional levels, will soon be able to benefit from student financing being provided by the Caribbean Development Bank (CDB).
CDB’s Board of Directors has approved a loan equivalent to USD2 million to the Grenada Cooperative Bank Limited to assist in financing sub-loans under CDB’s Student Loan Scheme.
The primary objective of the project is to assist the Government of Grenada in developing the country’s human resources through the provision of student loans for post-secondary and tertiary education and skills enhancement. The development of human capital is expected to contribute directly to poverty reduction through job creation in the medium to long term.
Access to financing is one of the key constraints to participation in tertiary education in Grenada. The expansion of tertiary education opportunities at the local and regional levels, and the increasing number of students qualifying for entry into these institutions, do not guarantee automatic access to tertiary level training. The level of participation, particularly for people in the low-income groups is constrained by the high cost of education at that level.
DOMINICA TO RECEIVE CDB LOANS FOR SEA DEFENCES REHABILITATION
Dominica is to receive a loan equivalent to USD9.16 million from the Caribbean Development Bank (CDB). CDB’s Board of Directors has approved the funding to assist in financing the rehabilitation of sea defences and associated road work destroyed by Hurricane Omar. Houses near the island’s west coast were also damaged, and some 30 families were left homeless.
Dominica’s fishing industry was also adversely affected. Engines, fishing equipment and boat houses in 13 communities along the west coast were also damaged, and more than 500 fishermen were affected.
The project is designed to assist in the speedy rehabilitation of the country’s sea defences and road infrastructure, and the restoration of its productive capacity. This includes the restoration of road links which facilitate the movement of people and goods to the villages along the south-western coast of Dominica